26-51-1503. Definitions.

26-51-1503. Definitions. As used in this subchapter: (1) “Application” means a written plan for development and operation of the project, including all requirements the Arkansas Natural Resources Commission may adopt by rule; (2) “Commission” means the Arkansas Natural Resources Commission; (3) “Committee” means the Private Wetland and Riparian Zone Creation, Restoration, and Conservation Committee, which is a committee made up of: (A) The secretary, director, or their designees, of: (i) The Arkansas State Game and Fish Commission; (ii) The Department of Finance and Administration; (iii) The Division of Arkansas Heritage; and (iv) The Division of Environmental Quality; and (B)(i) Two (2) public members with expertise in wetlands and riparian zone ecology appointed by the Arkansas Natural Resources Commission. (ii) In appointing public members, the Arkansas Natural Resources Commission should consider the wide variety of interests in wetlands and riparian zones; (4) “Division” means the Revenue Division of the Department of Finance and Administration; (5)(A) “Eligible donee” means a qualified organization under 26 U.S.C. § 170(h)(3), as in effect on January 1, 2009, and corresponding regulations in 26 C.F.R. § 1.170A-14(c), as in effect on January 1, 2009. (B) A nongovernmental qualified organization must have adopted the Land Trust Alliance Land Trust Standards and Practices, as in effect on January 1, 2009, in order to qualify as an “eligible donee”; (6) “Eligible donor” means any person or entity that owns a qualified real property interest, including without limitation an individual, corporation, trust, estate, and partnership or other pass-through legal entity; (7) “Project” means wetlands or riparian zones created or restored by activities for which tax credits are claimed; (8) “Project cost” means the actual expenditure for a project, less any reimbursement received by the taxpayer from cost-share programs; (9) “Qualified appraisal” means an appraisal in accordance with 26 C.F.R. § 1.170A-13(c)(3), as in effect on January 1, 2009, and the Uniform Standards of Professional Appraisal Practice, as in effect on January 1, 2009; (10) “Qualified conservation purpose” means a conservation purpose as defined by 26 U.S.C. § 170(h)(4), as in effect on January 1, 2009, and corresponding regulations in 26 C.F.R. § 1.170A-14(d), as in effect on January 1, 2009; (11) “Qualified real property interest” means an interest in real property located completely in this state and containing wetlands or riparian zones, which also meets the definition of a qualified real property interest under 26 U.S.C. § 170(h)(2), as in effect on January 1, 2009, and the corresponding regulations in 26 C.F.R. § 1.170A-14(b), as in effect on January 1, 2009; (12) “Riparian zone” means: (A) An area of land along the bank of a natural watercourse or contiguous to a body of water that is set aside to reduce impacts of adjoining land use on the stream or water body; or (B) Any other definition promulgated by the Arkansas Natural Resources Commission; and (13) “Wetlands” means: (A) An area that: (i) Has water at or near the surface of the ground at some time during the growing season, wetland hydrology; (ii) Contains plants that are adapted to wet habitats, hydrophytic vegetation; and (iii) Is made up of soils that have developed under wet conditions, hydric soils; or (B) Any other definition promulgated by the Arkansas Natural Resources Commission.